Developing & producing water filtration products.
Amiad ended 2025 as a transition year: the business still generated operating cash, but operating economics weakened, margins compressed, and the 2026 recovery case now depends on new management and better demand.
Amiad kept the Rest of the World unit unimpaired, but that valuation now rests on a 5-year recovery case, 3% terminal growth, and an 11% discount rate after a weak operating year. The real debate is not whether recovery is possible, but whether the balance sheet is already assum…
Amiad generated positive operating cash flow in 2025, but under a full cash test the year was negative: investment, lease payments, and lower short-term credit consumed more cash than operations left behind.
